Singapore shares incurred losses on Wednesday, tracking regional losses as the New York Federal Reserve flagged deteriorating future expectations and rising inflation.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,446.77 and 4,469.92 throughout the day. It ended the session at 4,456.30, down 15.96 points or 0.36% compared to Tuesday's close.

In company news, shares of AF Global (SGX:L38) surged nearly 14% at the close as it agreed to dispose its entire 55% stake in Knight Frank to Knight Frank Asia Pacific for SG$36.9 million.

Aspial (SGX:A30) was down nearly 3% as it proposed to acquire the remaining shares in AF Global (SGX:L38) by way of a scheme of consideration, with a target to privatize the hospitality company.

Meanwhile, shares of Huationg Global (SGX:41B) were up nearly 2% after its subsidiary Huationg Contractor agreed to acquire NHL Ubi Industrial from NHL Holding for SG$60,000.